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Abu Dhabi’s bourse edged up 0.2% yesterday with most blue chips posting small gains.
Reuters
Dubai
Most Gulf stock markets hardly moved in thin trade yesterday ahead of the Eid al-Adha holiday while ex-dividend stocks dragged down Dubai and Egypt rose on foreign inflows.
Saudi Arabia’s bourse was already closed for Eid, and most other markets in the Middle East will follow suit from today and reopen next week.
Dubai’s index fell 0.8% as property developer Damac and telecommunications operator du fell 2.3 and 3.0% respectively as the period for claiming the next dividend on the stocks ended.
News of a $100mn debt issue, however, appeared to offset some pressure on Damac as investors may see it as a step towards expanding the company’s business.
Abu Dhabi’s bourse edged up 0.2% with most blue chips posting small gains.
Kuwait’s index inched down 0.08% and Oman added 0.2%.
The Egyptian index climbed 0.8% as Commercial International Bank, the country’s biggest lender, rose 1.2%. Bourse data showed that non-Arab institutional investors were net buyers of stocks.
Among the losers was Telecom Egypt, which edged down 0.4%. The stock has been under pressure since the company’s chairman resigned on Saturday after just four months in office.
Elsewhere in the Gulf, the Kuwait index slipped 0.08% to 5,754 points, the Oman index edged up 0.2% to 5,765 points and the index in Bahrain rose 0.2% to 1,278 points.
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